With the new deal starting February 1, Valentino will leave Procter & Gamble Co. for a long term licensing agreement with Puig Beauty and Fashion Group. A spokeswoman for P&G Prestige Products said Valentino's fragrance license was up for review and both sides came to the mutual agreement not to renew.
Puig was described as a perfect fit for the family owned firm by Valentino's CEO Stefano Sassi for three reasons: the respect and quality of their products, the size of the company and the steady success of Puig's existing lineup.
Puig owns several fashion brands including Carolina Herrera and Nina Ricci, and also retains beauty licenses with Prada, Comme des Garcons and Zara, among others.
The first women's fragrance from Valentino and its new licensee is expected to hit early next year.
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